Central Banks Buy Record Amount of Gold Amid Global Uncertainty

Central banks around the world purchased a record 289 tonnes of gold in the second quarter of this year, according to a recent report from the World Gold Council.

This figure represents a 74% increase compared to the same period last year and is more than five times the revised first-quarter total of 57 tonnes.

The National Bank of Poland was the largest buyer, adding 51 tonnes to its gold reserves, which now stand at 632 tonnes. The People's Bank of China followed with a purchase of 33 tonnes, its biggest quarterly addition since the fourth quarter of 2023, raising its holdings to 2,346 tonnes.

Analysts at the World Gold Council attribute this increased buying activity to regulators' continued confidence in gold as a strategic asset and store of value. They also note that ongoing heightened uncertainty and a long-standing desire for reserve diversification have sustained central bank appetite for gold.